Turkmenistan Economic News

Turkmenistan plans large-scale development of shallow water of Caspian Sea
The state concern Turkmenneft will launch a broad-scale exploration of northern Goturdepe field, located in the shallow waters of the Caspian Sea in coming years. Resources of the Turkmen sector of the Caspian Sea are estimated at 12 billion tons of oil and 6.5 trillion cubic meters of gas. At present the drilling of two exploration wells and two production wells is nearing completion. The wells discovered new pay zones, during testing of which a gushing flow of oil was obtained. Currently, the state concern operates for about three dozen fields, including more than 600 oil and oil and gas fields at different stages of development.
Source: individual.com

Turkmenistan must work hard to ensure TAPI project implementation – President
We have to work hard to create favourable conditions for the implementation of the Turkmenistan, Afghanistan, Pakistan and India project, said President Berdymukhamedov, adding that global economic and financial circles understand the reality and reasonability of TAPI, and that there is political support for the project. “It is necessary to use these factors, including tools for energy diplomacy,” – said Berdymukhamedov. In the fall, Turkmenistan held a series of international road shows for the TAPI project with the participation of the Asian Development Bank, and the heads of US companies such as Chevron, Exxon Mobil, BP, BG Group, Germany's RWE and Malaysia's Petronas expressed their intention to participate in the project.
Source: steelguru.com

Fule: EU, Azerbaijan, Turkmenistan to keep working on Trans-Caspian Gas Pipeline project
At a news conference, after a meeting of the EU-Azerbaijan Cooperation Council in Brussels, the European commissioner for enlargement and European neighborhood policy, Stefan Fule, said that energy is an area of strategic partnership between the European Union and Azerbaijan, and that significant progress has been made in building the Southern Energy Corridor. Both sides reaffirmed their commitments to closely cooperate with Turkmenistan in drafting an Azeri-Turkmen-EU agreement on the planned pipeline, which would form part of the Southern Energy Corridor, the commissioner said.
Source: kyivpost.com

Turkmenistan increases petroleum products production
The Turkmenbashi complex of oil refineries industrially developed about 6.41 million tons of hydrocarbons since the beginning of this year, the Ministry of Petroleum and Mineral Resources said. High-quality gasoline production amounted to 1.841.216 million tons, diesel fuel -- 1.988.979 million tons, production increase reached 103.5 and 101.3 percent. In 2015 Turkmenistan is planning to increase oil refining capacity to 15 million tons a year, in 2020 up to 20 million tons, in 2025 to 22 million tons and 2030 to 30 million tons.
Source: futures.tradingcharts.com